YESTERDAY NIFTY TOUCHED 4410 LEVELS AND ACHIEVED ALL THE TARGETS SET FOR THE DAY, NIFTY HAS BREACHED GOOD SUPPORT LEVELS YESTERDAY AND IF MANAGED TO BREACH 4366 FOR THE DAY WE CAN SEE THE BEARISH TREND TO CONTINUE FOR ANOTHER COUPLE OF DAYS. MARKET ON THE BOTTOM LINE STILL REMAINS BULLISH THOUGH SHORT TERM TREND IS NEGATIVE ONE CAN KEEP ACCUMULATING STOCKS AT LOWER LEVELS AS WE MAY SEE A GOOD RALLY ONCE AGAIN LITTLE BEFORE BUDGET TO BE ANNOUNCED AND POST BUDGET, BUT IT IS TOO EARLY TO PICK THE STOCKS FOR LONG TERM, ONE CAN SEE FOR ACCUMULATION ONLY WHEN NIFTY REACHES 4288 LEVELS. FOR NOW ONE CAN GO SHORT ON THE SHORT TERM BASIS WITH STOPLOSS AS 4650 FOR A TARGET OF 4288/4150. YESTERDAY THOUGH FEW TOP END STOCKS DIDNT TAKE PART IN THE RALLY MARKET STILL MANAGED TO CLOSE ON THE DAY LOW WHICH IS NOT A VERY GOOD SIGN FOR THE MARKET. IF NIFTY BREAKS DOWN TO 4366 WE CAN SEE MANY MORE FRONT END COMPANIES WILL ADD FUEL TO THE FIRE AND DRAG NIFTY FURTHER DOWNSIDE. ONE SHOULD REAMIAN CAUTIOUS IN THE MARKET AS WE HAVE SEEN IN THE LAST ONE MONTH NIFTY TRIED TO BREAK TWICE BUT MARKET CAME BACK WITH VENGENCE AND CONVERTED FROM BEARISH MODE TO A VERY BULLISH MODE SO I WOULD SUGGEST TO REMAIN ON THE TREND RATHER BEING IN THE SPECULATION MODE, IF NIFTY IS MOVING UP THEN TRY TO EXIT SHORTS ON THE STOPLOSS THAN HOLDING NIFTY MERE SPECULATING.
TODAY IF NIFTY BREACHES 4366 THEN WE CAN SEE ITS NEXT SUPPORT AT 4288 ON THE UPSIDE IF NIFTY MANAGES TO CROSS 4460 THEN WE CAN SEE SOME MORE UPSIDE UPTO 4520 SO STAY LITTLE CAUTIOUS AT EVERY PHASE IN THE MARKET, IF NIFTY MANAGES TO CLOSE IN THE LOWER LEVELS BELOW 4366 THEN WE CAN REMAIN IN SHORTS.
SELL RELCAP BELOW 932 SL 944 TGT 917/906/896
SELL SBI BELOW 1700 SL 1716 TGT 1680/1672/1665
SELL AXIS BELOW 700 SL 711 TGT 685/672/661
SELL HDFC BELOW 2335 SL 2350 TGT 2310/2290/2275
SELL MARUTI BELOW 1054 SL 1066 TGT 1036/1025
SELL LT BELOW 1484 SL 1501 TGT 1462/1450
SELL DLF FUTURES BELOW 368 SL 376 TGT 360/352
BUY DRREDDYS ONLY ABOVE 686 SL 679.5 TGT 708/716/730
